GBP/USD Fluctuates in a Price Range, Unable to Sustain Above Level 1.3900 Resistance

21 September 2021 | Updated: 21 September 2021

Key Resistance Levels: 1.4200, 1.4400, 1.4600
Key Support Levels: 1.3400, 1.3200, 1.3000

GBP/USD Price Long-term Trend: Ranging
GBP/USD has been in a range-bound move since June. Yesterday, the currency pair fell to the low of level 1.3642 and resumed upward. The pound is likely to rise to retest level 1.3900 resistance level. This has been the price action since June. The uptrend will resume if the 1.3900 resistance level is breached. Meanwhile, on September 3 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the Pound is likely to rise to level 1.618 Fibonacci extensions or level 1.4069 .

GBP/USD – Daily Chart

Daily Chart Indicators Reading:
The currency pair is at level 37 of the Relative Strength period 14. It implies that the pair is in the downtrend zone and below the centerline 50. The Pound is also approaching the oversold region. The 21-day SMA and the 50-day SMA are sloping horizontally indicating the sideways.

GBP/USD Medium-term Trend: Bearish
On the 4-hour chart, the pair is in a downward move. The downtrend extended to the low of level 1.3640 before the upward move. The upward move is likely because the Pound has fallen to the oversold region. Meanwhile, on the September 14 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the Pound is likely to rise to level 1.618 Fibonacci extensions or level 1.3720.

GBP/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The pair is below the 20% range of the daily stochastic. It has reached the oversold region. Buyers are expected to emerge in the oversold region. The 21-day and 50-day SMAs are sloping downward indicating the downtrend.

General Outlook for GBP/USD
The Pound has continued to be in a range-bound move since June. The currency pair will resume an uptrend if the price breaks above level 1.3900 and the bullish momentum is sustained.

You can purchase crypto coins here. Buy Tokens

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.